GTA to Commence Drilling on Northshore Property
(firmenpresse) - BURLINGTON, ONTARIO -- (Marketwire) -- 10/18/11 -- GTA Resources and Mining Inc. ("GTA") (TSX VENTURE: GTA) announces that diamond drilling has commenced on the Northshore Property, located in the Hemlo-Schreiber greenstone belt of northwestern Ontario.
This initial drill program will consist of approximately 8 to 10 holes totaling roughly 1000 metres, targeted to confirm and help interpret historic drilling conducted on the "Afric Zone" by Noranda Explorations and others.
"Our near-term objective is to confirm the continuity and grade of the gold mineralization as reported in the historical drilling", stated C.E.O. Peter M. Clausi. "This is the first step toward expanding the existing gold resource on the property and preparing a revised and updated NI 43-101 compliant resource estimate.
The Afric Zone was explored at shallow depths by Noranda Explorations / Hemlo Gold Mines, and Cyprus Canada in the 1990's. Some of the historical drill results include 3.5 g/t gold over 42.4 metres, 2.4 g/t gold over 11.6 metres and 1.3 g/t gold over 64.0 metres. In 1992, Noranda calculated a "preliminary reserve" for the Afric Zone of 2 million tonnes with an average grade of 2.2 grams per tonne, for approximately 135,000 ounces of contained gold between surface and 150 metres vertical depth (Note: the term "preliminary reserve" which was used by Noranda / Hemlo Gold in their 1992 reports is not a currently approved CIM term).
(i)The above reserve estimates are historic in nature and are not considered as National Instrument 43-101 defined reserves. The historic figures generated by Noranda have not been redefined to conform to the CIM approved standards required by NI 43-101. Although the reserve estimates are relevant, they have not been verified. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves. GTA is not treating the historical estimates as current mineral resources or mineral reserves and therefore the historical estimates should not be relied upon.
In addition to drilling, GTA is continuing with additional geological mapping and chip sampling of several north east-trending vein systems on Northshore. These veins systems appear to contribute to the overall gold enrichment of the Afric Zone but have been only sparsely drilled. Several grab samples were previously collected by GTA from these vein systems as part of its property "due diligence" technical review. Several of these samples returned "bonanza grade" gold values, with results ranging from 17.40 g/t gold (0.575 oz/t ) to a high of 7520.91 g/t gold (219.42 oz/t) (see GTA press release dated June 28, 2011). In fact, spectacular specimens of visible gold were discovered in one of these vein systems, photographs of which can be viewed on GTA's website at . (Note that grab samples are selective by nature and are unlikely to represent average grades on the property.)
Mr. Robert Duess (P.Geo.), GTA's Vice President, Exploration, is the non-independent qualified person for the technical disclosure contained in this news release.
On behalf of the board of directors of GTA RESOURCES AND MINING INC.
Peter M. Clausi, CEO
This press release contains forward-looking statements and forward-looking information (collectively, "forward looking statements") within the meaning of applicable Canadian and United States securities laws. All statements, other than statements of historical fact, included herein, including statements regarding the anticipated content, commencement, duration and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the timing of the receipt of assay results, and business and financing plans and trends, are forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions or are those which, by their nature, refer to future events. Although GTA believes that such statements are reasonable, there can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. GTA cautions investors that any forward-looking statements by GTA are not guarantees of future performance, and that actual results may differ materially from those in forward-looking statements Important factors that could cause actual events and results to differ materially from GTA's expectations include those related to weather, equipment and staff availability; performance of third parties; risks related to the exploration stage of GTA's projects; market fluctuations in prices for securities of exploration stage companies and in commodity prices; and uncertainties about the availability of additional financing; risks related to GTA's ability to identify one or more economic deposits on the properties, and variations in the nature, quality and quantity of any mineral deposits that may be located on the properties; risks related to GTA's ability to obtain any necessary permits, consents or authorizations required for its activities on the properties; and risks related to GTA's ability to produce minerals from the properties successfully or profitably Trading in the securities of GTA should be considered highly speculative. All of GTA's public disclosure filings may be accessed via and readers are urged to review these materials, including the latest technical reports filed with respect to GTA's mineral properties.
This news release contains information with respect to adjacent or similar mineral properties in respect of which GTA has no interest or rights to explore or mine. Readers are cautioned that GTA has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on GTA'S properties.
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Contacts:
GTA Resources and Mining Inc.
Peter M. Clausi
C.E.O.
905-681-1925
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Datum: 18.10.2011 - 13:00 Uhr
Sprache: Deutsch
News-ID 77327
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BURLINGTON, ONTARIO
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Mining & Metals
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